40Issue of debt recovery order by Chief Commissioner

40 Issue of debt recovery order by Chief Commissioner

40 Issue of debt recovery order by Chief Commissioner

(1) The Chief Commissioner may make an order in relation to an over-collection amount referred to the Chief Commissioner by the Monitor under this part.

(2) An order under subsection (1) (a debt recovery order) is an order for the recovery of the over-collection amount from the insurance company that is liable for the over-collection amount.

(3) The debt recovery order must specify—

(a) the over-collection amount payable by the insurance company, and

(b) the date, not less than 30 days after a copy of the order is given to the insurance company, by which the over-collection amount is payable.

(4) The Chief Commissioner must give a copy of the debt recovery order to the insurance company.